What to know:
- Bitcoin has turned more positive but remains capped below $75,000, with repeated failures to break out from its two-month range.
- U.S. stocks, meanwhile, notched record highs with the Nasdaq logging an 11-day winning streak and the S&P 500 also setting a new peak.
- Crypto-related equities rallied alongside the broader risk-on mood, while traders say bitcoin must hold above $72,000 to sustain a breakout or risk slipping back into a low-volatility consolidation range.
Bitcoin’s outlook has improved recently, but the price increase since February has been fairly weak. Every time it tries to reach $80,000, the price quickly falls back down.
Despite the ongoing conflict in Iran, U.S. stocks are continuing to perform very well. The Nasdaq rose 1.6% for its eleventh day in a row, reaching a new high above 24,000. The S&P 500 also increased, gaining 0.8% and closing above 7,000 for the first time.
On Wednesday, Bitcoin tried again to climb above $75,000, but it hit a barrier and couldn’t break through. This has happened several times in the past few months, preventing the price from increasing further.
Bitcoin was trading at approximately $75,134, up 1.45% over the last 24 hours, as reported by CoinDesk.
Stocks connected to the cryptocurrency market increased in value as investors generally felt more optimistic. Coinbase saw a 6.2% rise, Robinhood jumped over 10%, and Strategy, a company holding significant bitcoin, increased by 4.4%.
Stocks have fully bounced back and are now at record highs, but Bitcoin is still recovering after a significant drop to $60,000 in February.
According to Jasper de Maere, a trader at Wintermute, the market has been declining since yesterday, hitting the upper limit of its trading range for the past two months. He notes that positive trading patterns seen yesterday are now facing uncertainty.
He highlighted $72,000 as a crucial price point. If the price stays above that level, it suggests the recent upward momentum will continue, potentially leading to higher prices. Otherwise, the upward trend could be in jeopardy.
If the price drops, Bitcoin might return to a period of sideways trading with reduced price swings, he noted.
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2026-04-16 01:57